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Bill supply for W/C Apr 5, 2021

EUROZONE T-BILL ISSUANCE

Bill issuance is due to pick up once more this week with Belgium, France, Germany, Greece, Italy, the Netherlands and the ESM all due to issue. We estimate E24.3bln of bills will be sold, up from just E6.7bln last week.

  • Belgium will be among the first issuers of bills this morning with E0.6-1.0bln of the Jul 15, 2021 TC on offer.
  • Germany looks to see E6bln of bubills: E3bln of the 3-month Jul 28, 2021 bubill and E3bln of the 9-month Jan 19, 2022 bubill.
  • The Netherlands looks to sell E2-4bln of TCs: E1-2bln of each of the Jul 29, 2021 DTC and the new Sep 29, 2021 DTC.
  • The ESM will then look to sell E1.5bln of new 3-month Jul 8, 2021 bills.
  • This afternoon, France will come to the market to sell up to E6.2bln of BTFs: E2.2-2.6bln of the new 13-week Jul 7, 2021 BTF, E1.2-1.6bln of the 20-week Aug 25, 2021 BTF and E1.6-2.0bln of the 50-week Mar 23, 2022 BTF.
  • Greece will come to the market on Wednesday to sell E625mln of the new 13-week Jul 9, 2021 GTB.
  • Italy will conclude Eurozone bill issuance for the week on Friday, launching the new 12-month Apr 14, 2022 BOT and there is also an outside chance for Italy to sell 3-month/Flexible BOTs (we think this is unlikely). Details of the auction will be announced today.
For details of upcoming T-bill auctions see the MNI Eurozone/UK T-bill auction calendar here.
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